Newcastle Building Society Base Rate Tracker

jpsman

Speaking of which, I've just had my Newcastle account rejected as a nominated account because its statements don't include the account number.

Has anyone else had this problem?

What's the use of a statement with no account number?

kaMelo

Frogletina said:

noh said:

Frogletina said:

Please can someone advise me when the interest is paid on this account. I still don't have full access to it and the details have been removed from the website as it is no longer available

Depends on whether you opted for annual or monthly interest.
Interest is paid on annual anniversary or monthly anniversary of opening.
https://assets-eu-01.kc-usercontent.com/8a09b82e-1cf1-011c-1115-9dc18d2d065f/d0d71239-7362-4ae4-8f31-db51ed9954e5/Base Rate Tracker (Issue 1).pdf

Aidanmc said:

Frogletina said:

Please can someone advise me when the interest is paid on this account. I still don't have full access to it and the details have been removed from the website as it is no longer available

Annual or Monthly anniversary of account opening depending if you choose monthly or annual interest

Thank you both

I opted for annual interest, and I am wanting to ensure that I don't exceed my PSA this tax year.  

I have some regular savers at 5% which will close before the end of the tax year and I'm thinking it will be better to transfer these to easy access accounts or the interest will be taxed 

I do have the YBS Loyalty account at 4.50% but the interest on this is paid out at the end of March.

Surely 80/60% of something is better than 100% of nothing?

Don't let tax put you off maximising your interest unless there are other consequences that need managing like going up a tax band.

jpsman

jpsman said:

Speaking of which, I've just had my Newcastle account rejected as a nominated account because its statements don't include the account number.

Has anyone else had this problem?

What's the use of a statement with no account number?

OK, I figured out that "print statement" doesn't include the account number, for some reason. But choosing "export" as a PDF does. 🤷

Mrnkar_2

artyboy said:

lcooper said:

Mrnkar_2 said:

lcooper said:

Mrnkar_2 said:

stuartm100 said:

I opened my account on 29th June (no ID required) and my security code to verify my nominated account for withdrawals only arrived in the post today. Letter is dated 1st July though so could be Royal Mail being slow

Yes same here. My only concern is my Norminated account is my current bank account and if I wish to change it, seems like I need to wait for a letter from them, I'm guessing with another code?
I prefer to transfer straight to another good higher interest rate savings account as if the letter takes days to come the deal will probably be no longer available.

If you are making a current account switch with CASS, you get a guarantee that all payments still arriving for your own account will be transferred to your new account for at least 3 years

Sorry I think you misunderstood my post. I wasn't talking about changing my current bank account. I was basically saying that if I want to transfer my money from Newcastle to another higher interest rate institution then I would have to transfer it to my current bank, being my Norminated bank and then out again to a new account with someone else. It's a lot easier to just do it from one to another like I did with this one. I was able to change where I wished the funds to go online without having to wait on a letter.

Apologies for misunderstanding your Q.

In my experience, moving money from one savings account to another (with a different company) involves a current account. I think it would be quite unusual if you can move your savings from savings company A directly to savings company B without going via a current account. That current account could be at company A or B or at any other current account bank, and countless savings companies are using the 'nominated account' approach for moving money out. I have never needed a letter from my savings company to make such transfers but setting up a nominated account can sometimes take a few days. This should not normally be a problem because you would rarely want to withdraw / move your money within days of depositing into a savings account.

You can actually do this with Santander though - their (now) 3.75% esaver lets you set up payees and make direct payments without having to move funds to a current account first.

Probably a bit of an outlier, but it was an added bonus feature - just not enough to compensate for the poor rate.

Yes that's exactly what I did to move my funds to here. I just changed my payee to Newcastle instead of my current bank account. For some reason Santander wouldn't let me add them as another payee, not sure if you can only have one at a time which seemed strange so I deleted my original and then set up my payee as Newcastle. All done in a few minutes.

Frogletina

kaMelo said:

Frogletina said:

noh said:

Frogletina said:

Please can someone advise me when the interest is paid on this account. I still don't have full access to it and the details have been removed from the website as it is no longer available

Depends on whether you opted for annual or monthly interest.
Interest is paid on annual anniversary or monthly anniversary of opening.
https://assets-eu-01.kc-usercontent.com/8a09b82e-1cf1-011c-1115-9dc18d2d065f/d0d71239-7362-4ae4-8f31-db51ed9954e5/Base Rate Tracker (Issue 1).pdf

Aidanmc said:

Frogletina said:

Please can someone advise me when the interest is paid on this account. I still don't have full access to it and the details have been removed from the website as it is no longer available

Annual or Monthly anniversary of account opening depending if you choose monthly or annual interest

Thank you both

I opted for annual interest, and I am wanting to ensure that I don't exceed my PSA this tax year.  

I have some regular savers at 5% which will close before the end of the tax year and I'm thinking it will be better to transfer these to easy access accounts or the interest will be taxed 

I do have the YBS Loyalty account at 4.50% but the interest on this is paid out at the end of March.

Surely 80/60% of something is better than 100% of nothing?

Don't let tax put you off maximising your interest unless there are other consequences that need managing like going up a tax band.

Thanks for your reply

I will receive 5% on the regular saver accounts, and receive interest, up until the date that I close them, but I will receive more interest from the easy access accounts in the next tax year (if untaxed) than if I leave them to be taxed this year. 

However, in all likelihood, I will use the easy access money to fill up my other regular savers with higher interest rates this tax year. 

Growingold

Aidanmc said:

Anyone have withdrawal experiences from NBS? I see the withdrawal amount deducted from balance immediately.

How long usually to reach nominated account,

Hi on their website when you initiate a withdrawal it says money will reach your nominated account by the end of the next working day.  I tried a test withdrawal today to make sure everything was working as it should and it reached my account today.  Hopefully everything plain sailing now nominated account has been verified.